VAT schemes for retailers
If you sell to the general public, especially high quantities of relatively inexpensive items, it can be difficult, time-consuming and costly to record the VAT on every sale in your accounts. There are several VAT accounting schemes that retailers can use instead of accounting for VAT in the standard way. These can help simplify your retail VAT accounting.
There are a number of different standard retail schemes, or depending on your business, you may be able to agree a bespoke VAT retail scheme with HMRC. If your turnover is over certain limits, you can only use a bespoke scheme. The standard retail schemes are:
These schemes are suitable for most retail businesses.
There are special arrangements and rules for:
Find out more about the various retail schemes.
To discuss this further and how it could benefit you, please contact us.